Chase Bank Review 2019: Is It the Right Bank for You?

From savings accounts to credit cards, Chase Bank has it all.

Chase Bank is the consumer and commercial banking division of JPMorgan Chase & Co. It is one of America’s largest banks and grew in size when it merged with the firm JPMorgan & Co. in 2000. Today, the financial institution has $2.6 trillion in assets, and about half of all Americans use its products. No matter how you feel about big banks, you might want to explore all that Chase Bank offers before deciding which bank is the best for your money.

This Chase Bank review will give you the ins and outs of banking with this financial behemoth.

Who Is Chase Bank Best For?

With almost 5,000 branches and 16,000 ATMs, Chase Bank is best for those who do their banking the traditional way — in person, at their local branch and at ATM machines. That’s not to say that Chase is an old-fashioned financial institution. Its variety of accounts and technologies also make it a good choice for anyone who wants the convenience of no-nonsense online banking and bill paying and doesn’t need to have all their financial management products and services under the same roof. To up the ante, Chase Bank offers bonus rewards to new customers. Take a look at the pros and cons to see if Chase is best for you:

Chase Bank Pros and Cons
ProsCons
Highly rated mobile app and websiteNo high-yield savings accounts
Large network of ATMsHigh non-Chase ATM fees unless you’re a top-tier Chase Premier Plus or Sapphire checking customer
Bonuses reward for new customersLots of fees on deposit accounts unless you meet account minimums
Compatibility with most digital payment platformsLimited loan types and no insurance products
Large selection of rewards credit cardsNo IRA or brokerage investments directly with Chase — investors must open JPMorgan accounts for that, although advisor services are available in Chase branch locations

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Who Might Want To Pass On Chase Bank?

Chase Bank might not be ideal for customers who want to see high yields on their checking and savings accounts and CDs. Students might also look elsewhere — although Chase offers checking accounts for high school and college students, there are no student credit cards or student-focused savings accounts.

If you’re still not sure about banking with Chase, this “Best For and Worst For” table might help you identify which column you’re in.

Who Is Chase Bank Best For and Worst For?
Best for those who:Worst for those who:
Use their credit cards for everything to rack up some nice rewards pointsWon’t meet Chase’s account balance requirements to avoid monthly service fees
Want bank accounts and loans under one roof but are comfortable managing investments through JPMorganWant high-yield rates on their deposit accounts
Bank online or use a mobile appMake mobile deposits above $2,000 per day
Want to bank in-personNeed student-centered banking products and services

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Types of Accounts Available

Chase Bank can dominate smaller competition by sheer size. But what do Chase accounts offer in terms of features and interest rates?

Chase Accounts, Features, Rates and Comparisons at a Glance
AccountsFeaturesFeesRates/Premier RatesComparison
Credit CardsAn array of rewards credit cards that offer bonus points or cash back upon spending a certain amount on purchases within a specified time after opening account, plus ongoing rewards for purchases
  • Chase Freedom Unlimited: No annual fee
  • Chase Freedom: No annual fee
  • Chase Sapphire Preferred: $95 annual fee
  • Chase Sapphire Reserve: $450 annual fee plus $75 for each authorized user
  • Late payment fee: Up to $39
  • Chase Freedom Unlimited: 0% APR first 15 months, then 16.99%-25.74%
  • Chase Freedom: 0% APR first 15 months, then 16.99%-25.74%
  • Chase Sapphire Preferred: 17.99%-24.99%
  • Chase Sapphire Reserve: 18.99%-25.99%
  • Bank of America Cash Rewards Credit Card: 0% APR first 15 months, then 15.99%-25.99%
  • Wells Fargo Propel American Express Card: 0% APR first 12 months, then 15.99%-27.99%
Savings
  • Chase Savings account has auto-save feature to make saving easy
  • Chase Premier Savings accounts qualify for preferred interest rates
  • $5 monthly service fee for Chase Savings
  • $25 monthly service fee for Chase Premier Savings
  • $5 savings withdrawal limit fee for more than six withdrawals per month
  • Premier relationship rates: Range from 0.04% APY for balances of under $10,000 to 0.11% APY for balances of $250,000 or more
  • Standard APY of 0.01% on all balance tiers
  • Ally Bank: 1.90% APY for all savings account balance tiers
  • Bank of America: Standard 0.03% APY; up to 0.06% APY for Preferred Rewards customers
Checking
  • Chase Total Checking basic account
  • Chase Premier Plus Checking earns interest, eligible for 4 non-Chase ATM fee refunds per statement period, some fees waived
  • Chase Sapphire Checking earns interest, no fee for non-Chase ATMs, no wire transfer or stop payment fees
  • $12 monthly service fee for Chase Total Checking
  • $25 monthly service fee for Chase Premier Plus Checking or Chase Sapphire Checking
  • $2.50 non-Chase ATM Fee in U.S.
  • Chase Sapphire Checking: 0.01% APY on all balance tiers
  • Chase Premier Plus: 0.01% standard APY on all balance tiers; 0.04%-0.11% APY relationship rates
  • No interest earned on Chase Total Checking
  • Ally Bank: 0.10% APY for checking account balances under $15,000 and 0.60% APY for account balances above $15,000
  • Bank of America: 0.01% APY for account balances of $50,000 or less; 0.02% APY for account balances above $50,000
CDs
  • Fixed rate of return
  • Multiple term options
  • $1,000 minimum to open an account
  • All Chase CDs have penalties for withdrawing principal before maturity date — no penalty-free early withdrawal options
  • CD standard rates: 0.01% APY  to 0.70% APY depending on term and amount
  • CD relationship rates: 1.01% to 1.75% depending on term and amount
  • Bank of America: Rates range from 0.50% APY to 1% APY depending on term and amount
  • Discover: Rates range from 0.35% APY to 2.60% APY depending on term and amount
Auto Loans
  • Refinance rate discount for Chase checking customers
  • Concierge car buying service
  • The trust of 3.8 million auto loan customers
  • Must purchase from Chase Bank’s network of car dealers
  • Ohio and Indiana loan APRs include a $195 loan origination fee
  • 0.25% rate discount if you have a qualifying Chase checking account
  • Rates vary according to make and model and buyer’s location and creditworthiness. Rate for a typical 60-month, $15,000 loan for a New York resident with “very good” credit is 5.24%
  • Bank of America: Fixed-rate APR starts at 3.19% with 60 monthly payments.
  • Bank of the West: 60-month fixed-rate $15,050 loan, 5.79% APR
Mortgage
Loans
  • Loans for home purchase, cash-out refinance and home-equity loans
  • $1,000 closing guarantee
  • Low- and no-down-payment options
  • Discounted rates for customers who meet Chase deposit and JPMorgan investment minimums
  • Mortgage late fee varies by loan terms
  • $0-$25 non-sufficient funds fee
  • Balloon reset fee: $250-$500
  • Adjustable-rate mortgage conversion: $500
  • Annual home-equity fee: $0-$50 during draw period
  • Mortgage purchase rate: 3.592% APR for 30-year and 3.138% for 15-year fixed-rate loans
  • Refinancing: 3.625% for 30-year and 3.000% for 15-year fixed-rate loans
 

  • Bank of America purchase rate: 3.625% APR for 30-year and 3.329% APR for 15-year fixed-rated loans
  • Wells Fargo purchase rate: 4.043% APR for 30-year and 3.361% APR for 15-year fixed-rate loans
Investment and Individual Retirement Accounts
  • Investment services through JPMorgan
  • Brokerage, traditional IRA and Roth IRA accounts available
  • Advisors available at Chase physical branches
  • You Invest Trade self-directed accounts
  • You Invest Portfolio professionally managed accounts
  • You Invest Trade: $2.95 per trade after 100 free commission-free stock and ETF trades
  • Advisor fee of 0.35% for You Invest Portfolios and $2,500 account minimum
  • Returns depend on investment performance. Investments can earn or lose money.
  • CD/IRAs and savings IRAs not available
  • Bank of America savings self-directed investment account: $6.95 unlimited stock and ETF trades with no minimums
  • Wells Fargo self-directed investment account: $6.95 per trade standard; $2.95 for linked accounts

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Savings Accounts

Chase savings account options include the basic Chase Savings and a preferred account called Chase Premier Savings. Overall, run for the hills on this one. Considering the low interest rates, there’s nothing significant about Chase savings accounts to lure people in from competing banks.

Features

  • Chase Savings has a $5 monthly service fee and earns 0.01% APY, which is quite small compared to the no-fee savings accounts offered by Capital One 360 and Ally Bank.
  • Chase Premier Savings standard rates are the same as the basic account’s, but the Premier account is eligible for relationship rates that start at 0.04% APY for $0-$9,999 and peak at 0.11% for balances of $250,000 or more. You must link your Premier Savings account to a Chase Premier Plus Checking or Chase Sapphire Checking account and initiate at least five transactions each statement period to earn relationship rates.

Pros

  • Chase Premier Savings accounts are eligible for relationship rates
  • You can redeem a bonus of up to $150 if you open a new Chase savings account and meet the minimum account balance requirements
  • Account fees waived if minimum balance requirements are met

Cons

  • Low Chase Savings and Premier standard rate of 0.01% APY
  • Chase Savings has a monthly service fee of $5 for account balance under $300
  • Chase Premier Savings has a monthly service fee of $25 if you have an account balance under $15,000 unless the account is linked to a Chase Premier Plus Checking or Sapphire Checking account.
  • Lots of hoops to jump through to earn a tiny bit more interest with a relationship rate

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Money Market Account

Individuals interested in money markets may invest in money-market funds through JPMorgan.

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Checking Accounts

The way to earn interest on your checking account with Chase is to sign up for Chase’s Premier Plus Checking or Chase Sapphire Checking. Not only will these accounts earn interest, but they also will save you ATM and certain other fees.

Features

  • Chase Total Checking: A basic account with no bells and whistles but access to online banking and bill pay
  • Chase Premier Plus Checking: Interest-earning checking account with breaks on non-Chase ATM fees and savings on products like cashiers checks
  • Chase Sapphire Checking: Earns interest, waives all non-Chase ATM fees and fees on many other bank services and offers 24/7 customer service. Linking a Chase savings account eliminates the monthly service fee. Link up to nine additional Chase checking accounts with no monthly fee.

Pros

  • Easy access to 16,000 Chase ATMs
  • Earn a bonus for new Chase checking account when you meet minimum requirements
  • Fees waived with the Premier Plus and Sapphire accounts

Cons

  • Account fees unless you meet the minimum balance and/or multiple-account requirements
  • No interest for the Chase Total Checking account

Learn: How To Open a Chase Checking Account

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CDs

You must be an existing Chase checking customer to open a Chase certificate of deposit account online and receive the relationship rate. Otherwise, it will have to be done in person at a branch location, and you’ll miss out on the preferred rate. The bottom line for Chase CDs is that you’ll find better rates elsewhere in most cases.

Features

  • $1,000 minimum
  • One- to 120-month terms
  • Standard rates start at 0.02% for a one-month CD with less than $10,000 and max out at 1.75% for a 120-month term and at least $100,000.

Pros

  • Relationship rate is 2.00% APY with nine-month term and $10,000 minimum

Cons

  • Low APYs for CD balances under $10,000 — 0.02% to 1.6%
  • Maximum APY is 1.75% and requires $100,000 minimum and a 120-month term

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Investment Options & Individual Retirement Accounts

Chase doesn’t offer investment products, but customers can open an investment account with JPMorgan. You Invest Trade is for those who are comfortable choosing their own investments and making their own trades. You Invest Portfolio offers professionally selected and managed investment portfolios for customers who want to leave it to the pros. Customers who need financial planning services can work with an advisor through the JPMorgan Advisor program.

Features

  • Brokerage: This is used to buy investments like stocks, bonds and mutual funds and is unbound by the constraints of IRAs. Brokerage accounts appeal to people who want to invest regardless of whether they’re saving for retirement.
  • Traditional IRA: Invest pretax income and then pay taxes when you withdraw money during retirement.
  • Roth IRA: Invest after-tax income and then withdraw your tax-free money during retirement.

Pros

  • No minimum required to open an account
  • 100 commission-free stock and ETF trades
  • Access to educational material

Cons

  • $2,500 minimum to open You Investment Portfolio account
  • You Invest Portfolio account charges an annual advisory fee of 0.35%

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Loans

Chase Bank has scant loan products, but those it does offer can assist you with some of life’s biggest purchases.

Features

  • Auto loan for new and used cars and refinances
  • Mortgage loans for home purchase and cash-out refinance, plus home-equity loans

Auto Loan: Chase offers auto loans of up to 100% of the value of a new or used car. Buyers apply for the financing, and once approved, shop for their vehicle at any car dealer in Chase’s network.

Pros:

  • Approval and rate locked in for 30 days
  • No down payment required
  • Refinance rate discount for linking qualifying account

Cons:

  • Limited purchase options because you must purchase through Chase Bank’s dealer network

Mortgage Loan: Chase mortgage loans can help you purchase your home, refinance your mortgage or draw equity for large purchases and home repairs. As one of the nation’s largest banks, Chase offers government-backed loan programs like Federal Housing Authority, Veterans Affairs and DreaMakers, which let you borrow at favorable terms with little or no money down.

Pros:

  • Jumbo loans for qualified buyers allow 85% loan-to-value ratio with no mortgage insurance required
  • Competitive rates
  • Mortgage calculators and educational information to help borrowers understand the loan process
  • Easy online prequalification
  • Speak with a mortgage advisor seven days a week

Cons:

  • 89.99% loan-to-value-ratio jumbo loan isn’t available to borrowers refinancing a mortgage from another lender

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How To Bank With Chase

Chase gives you several options for using its banking products and services. Those who feel most comfortable banking in person can do that here. And customers who rely on technology to avoid trips to the bank will have their needs met as well. Chase has ATMs across the country, 24/7 customer service for certain accounts and an extensive online and mobile app presence.

Technology

Chase has poured in much time and effort to make using its digital banking platforms an easy and accessible experience.

  • Chase Mobile Banking App: Manage your accounts, deposit checks and send gift cards all on your phone.
  • ATMs: Chase has 16,000 ATMs available and allows you to make 30 check and cash deposit at a pop.
  • Online Banking: Receive paperless statements and do your banking from anywhere you have access to the internet.
  • Chase Quick Pay With Zelle: Send payments to your friends and family.
  • Chase Online Bill Pay: Pay your rent or mortgage, utilities, credit cards, car loans and other bills online.

Physical Branch Locations

Even if you do some of your banking online, there are times when you need to talk to someone face-to-face. With almost 5,000 branches across the U.S., chances are there’s one near you. Here’s what you can find at your local Chase branch:

  • Consumer banking products and services
  • Home lending advisor
  • Chase Private Client advisors for wealth management and JPMorgan investment advice

Find: The Chase Bank Near Me

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Fees

Like many other large banks, Chase has plenty of service fees. But some deposit accounts give you ways to avoid these charges.

Savings Accounts

  • Chase Savings: $5 monthly service fee, waived if you maintain a $300 balance at the beginning of each day, set up at least $25 in repeating automatic transfers, link a qualified account or are under age 18
  • Chase Premiere Savings: $25 monthly service fee, waived if you have an account balance of $15,000 at the start of each day or link a qualified account
  • $5 savings withdrawal limit fee for making more than six withdrawals or transfers per statement period

Checking

  • Chase Total Checking: $12 monthly service fee, waived with $500 in direct deposits each month, a balance of $1,500 at the beginning of each day, or a total balance of $5,000 in this and qualifying linked accounts at the beginning of each day
  •  Chase Premier Plus Checking: $25 monthly service fee, waived if you maintain a combined daily account balance of $15,000 at the beginning of each day in this and qualifying linked accounts or have a linked first mortgage with automatic payments from your Chase account
  • Chase Sapphire Checking: $25 monthly service fee, waived if you maintain an average daily balance of $75,000 at the beginning of each day between this and qualifying linked accounts
  • $2.50 non-Chase ATM fee, partially refunded or waived with some accounts

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Availability of Funds

Wire transfers and direct or cash deposits are available the same day for consumer accounts. Most government checks and bank checks are available the next business day. Money from all other types of deposits are available on the second business day after Chase receives the deposit. Once funds become available, you may withdraw them or use them as you wish.

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Is Chase the Bank for You?

To put Chase Bank in perspective, it is perfect for a traditional bank customer because it offers consistency and availability.

Benefits

  • Easy and accessible mobile and online banking
  • Opportunity to create personal relationship with bankers at Chase branches
  • Competitive auto and mortgage loan rates
  • Connected to JPMorgan for your investment needs

Drawbacks

  • Low APY rates for checking, savings and CDs
  • Monthly service fees on checking and savings accounts
  • 24/7 customer service only available with top tier checking and savings accounts

Although Chase Bank has been around in some iteration since 1877, it’s finding competition with newer online banks. Customers who feel safe knowing their money is in one of the largest banks in the U.S. and connected to one of the largest investment firms in the U.S. might find Chase to be the best bank for their money. But the desire to earn more interest and avoid fees might take you elsewhere.

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Jared Nigro is a writer in Los Angeles who has worked for socioeconomic and environmental institutions like Inside Out Writers and The Dan & Susan Gottlieb Foundation.

Rates and fees are accurate Sept. 17, 2019. This content is not provided by Chase Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Chase Bank.

Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

About the Author

Jared Nigro is from Pittsburgh, which is obvious by the way he gravitates toward cheese at parties. He is a comedy writer from The Groundlings Sunday Company, Upright Citizens Brigade and has his own digital show on Comedy Central called “Broken People.” When he isn’t being funny, he’s reading books on debt and finance and listening to his favorite finance podcast, ChooseFI.